Official information regarding the partial liquidation as of 31 Dec 2019


Dear Member

As you already know, the companies HP International Sàrl, HP Europe BV, Amsterdam Meyrin Branch and HP Schweiz GmbH (hereafter: HPI), affiliated to our Foundation since the 1 January 2016, have terminated their affiliation contract for the 31 December 2019.

The termination of an affiliation contract shall result in a partial liquidation of the Foundation within the meaning of the current partial liquidation rules.

Hence, at its meeting of 22 June 2020, the Foundation's Board of Trustees acknowledged that the conditions for a partial liquidation were fulfilled as of 31 December 2019 and have asked their pension expert, Mercer Suisse SA, to establish a partial liquidation report.

In accordance with Article 9 of the Partial liquidation Rules, the Foundation must inform the active members and pension beneficiaries of the existence and modalities of the partial liquidation, which we are doing through this letter.

The key points of the partial liquidation, which are described in detail in the partial liquidation report, are the following:

  • The relevant date to establish the partial liquidation balance sheet (calculation of any potential entitlements) is set at 31 December 2019, which is the date of the termination of the affiliation contract.
  • Following the termination of the affiliation contracts, the active members and pension beneficiaries of HPI have been collectively transferred to La Collective de Prévoyance - Copré. The active members and pensioners of the other entities remain in the Foundation.
  • The departure of HPI corresponds to a "collective termination" according to the Partial liquidation Rules. In case of collective termination, the technical provisions and the investment fluctuation reserve will also be transferred in proportion to the corresponding risks. The respective amounts are detailed in the partial liquidation report.
  • Neither the vested benefits of the active members, nor the pensions of the pensioners are impacted by the partial liquidation.

According to article 9 of the partial liquidation rules, you have the opportunity to consider the conditions of the partial liquidation and to oppose the decision of the Foundation Board for a period of 30 days from receipt of this letter.

In case of questions, please send them by mail or email within 30 days from the receipt of this communication to Ms Lydia Ackermann, at the address below, who will coordinate the response process:

Ms Lydia Ackermann
Pension Fund Hewlett-Packard Plus
150, route du Nant 'Avril
1217 Meyrin
Mobile +41 79 303 67 26

We appreciate that this communication may appear lengthy and complicated to you. However, as your Board of Trustees in charge of the full legal compliance of the Foundation and its operations, it is our duty to inform all members with all the relevant information, in a spirit of full transparency.

The Board of Trustees